Cryptocurrency Market Updates

Market Update 2.20.19 – QuadrigaCX Customers Given Legal Representation

Chainbits Staff | Publish date: 02/20/2019

Market News

QuadrigaCX Customers Given Legal Representation

The Nova Scotia Supreme Court has appointed the two law firms Cox & Palmer and Miller Thomson to represent QuadrigaCX’s customers in the upcoming proceedings against the cryptocurrency exchange.

Supreme Court Judge Michael Wood rendered his decision about who would represent the crypto exchange’s customers on Tuesday. He stated that these two law firms would be the lead counsels in representing the QuadrigaCX customers’ representative committee. The representative counsel will be in charge of managing communications with the customers, acting as a liaison between the Monitor and the customers, and so on.

VanEck ETF Proposal to be Formally Published

The Bitcoin ETF (Bitcoin exchange traded fund) proposal has been submitted for the second time by the VanEck, CBOE and SolidX team and its formal publication in the Federal Register is expected to take place on Wednesday, February 20. This formal publication will start the 45-day clock for the approval, rejection or extension of the proposal.

The general public will now have 3 weeks, until March 13, to submit their responses to this proposal. Post that, the US SEC (Securities and Exchange Commission) will have 3 weeks until April 5 to take a decision about the case.

Elon Musk: Tesla Will Not Involved in Cryptos

During an interview on ARK Invest’s podcast, the Chief Executive Officer of Tesla Inc. Elon Musk stated that Bitcoin’s (BTC’s) structure was brilliant and that cryptocurrencies were a much better way to transfer value than traditional paper notes. This is why, according to him, paper money could actually go away in the future.

Musk also said that while the Bitcoin structure was brilliant, one of the downsides to cryptocurrencies in general was that they were very energy intensive. Because of this, he would not want to use Tesla’s resources for cryptocurrencies. The electric car maker’s CEO stated that they were just focusing on accelerating the development of sustainable energy.

Total Market Cap: Feb 20

The surge in the crypto market yesterday seems to be abating now, with capitalization down by about $1 billion to $132.94 billion and trading volumes slipping to $30.49 billion.

Bitcoin Price Analysis: Feb 20

Bitcoin’s price has seen a marginal increase in the last 24 hours, and is up by 0.41% to trade at $3943.34 per token. The capitalization of the crypto is $69.19 billion and trade volumes are $8.96 billion.

Ethereum Price Analysis: Feb 20

The price of Ether has dropping in the last 24 hours by 2.90% and is currently at $143.22. The capitalization of Ether is now $15.02 billion and trade volumes are down to $4.69 billion.

State of the Top 10 Cryptocurrencies: Feb 20

The massive surge seen in the crypto market yesterday has once more subsided and the top cryptos are showing a mixed bag in price performance. Stellar has overtaken Tron to take 8^th position with a 3.41% increase in its price. However, the biggest gain is seen from Binance Coin, which has surged by 12.57% in the last 24 hours. Bitcoin Cash is the biggest loser with a 4.01% drop.

Bitcoin’s token price is $3943.34, increasing 0.41%. The virtual asset’s market cap is currently $69.19 billion.
Ethereum’s token price is $143.22, decreasing 2.90%. The virtual asset’s market cap is currently $15.02 billion.
Ripple’s token price is $0.324671, decreasing 0.15%. The virtual asset’s market cap is currently $13.41 billion.
EOS’s token price is $3.60, decreasing 0.29%. The virtual asset’s market cap is currently $3.26 billion.
Litecoin’s token price is $47.98, increasing 0.39%. The virtual asset’s market cap is currently $2.90 billion.
Bitcoin Cash’s token price is $142.44, decreasing 4.01%. The virtual asset’s market cap is currently $2.51 billion.
Tether’s token price is $1.01, increasing 0.09%. The virtual asset’s market cap is currently $2.04 billion.
Stellar’s token price is $0.087621, increasing 3.41%. The virtual asset’s market cap is currently $1.68 billion.
TRON’s token price is $0.024806, decreasing 1.46%. The virtual asset’s market cap is currently $1.65 billion.
Binance Coin’s token price is $10.86, increasing 12.57%. The virtual asset’s market cap is currently $1.53 billion.